Alameda Point Partners, the city of Alameda, Calif.’s, private partner, has received 30 acres of the 68-acre Site A parcel at Alameda Point from the City of Alameda.
This transfer paves the way for the mixed-use, transit-oriented waterfront development at Site A, the gateway to Alameda Point. Construction of major infrastructure will commence later this month, including new water, sewer, electrical and gas lines, and newly paved streets with bike and transit lanes. Phase One will also include eight acres of new parks.
The $500 million first phase of the Site A Project will consist of 673 housing units, including 130 units of affordable housing for low- and very-low income households, 310 units projected to be affordable to middle-income households, eight acres of parks and open space, funding for the Seaplane Lagoon Ferry Terminal, and 93,000 square feet of retail development. Remaining financing for the affordable housing units is likely in the coming months.
The Site A project represents the first major public/private development at Alameda Point since Naval Air Station Alameda closed and lost 18,000 jobs in 1997. The project will create approximately 2,500 direct construction jobs over the life of the project and serve as the catalyst for thousands of future jobs.
When complete, the full project will bring 800 residential units, including 200 affordable units, 600,000 square feet of commercial space, 15 acres of parks and public open space, major utility infrastructure benefiting the entire property, and new transportation services and facilities, including a new ferry terminal.
Completion of the new infrastructure is expected over the next two to three years, with the first new residences projected to open in 2021.
Alameda Point Partners is a joint venture between Trammell Crow Residential, a division of Dallas-based Crow Holdings, srmErnst Development Partners, Madison Marquette, Eden Housing, and financial partner Cypress Equity Investments.
